A bill to prohibit the export of grain to any petroleum producing country which has petroleum production in excess of its domestic requirements, except pursuant to an agreement providing for the exchange of such grain for petroleum.

Amends the Export Administration Act of 1969 to prohibit grain exports to countries designated by the Secretary of Commerce as having exportable petroleum, except pursuant to a contract. Sets forth the provisions to be included in such contract, including a provision that any grain exported is to be exchanged for petroleum to be exported to the United States. Requires the designations of countries with exportable petroleum to be published in the Federal Register.